Greece votes 'no' but FTSE shrugs off worries as Varoufakis resigns

The FTSE 100 has fallen again on news of Greek voters' decisive referendum rejection of creditors' demands - but the resignation of Athens' finance minister Yanis Varoufakis has helped stem losses.

Overnight, risk assets had looked set to fall sharply after the ‘No’ camp won 61% of the vote in Sunday’s referendum, increasing the likelihood of a Greek exit from the eurozone. But having been called down as much as 2%, the FTSE was just 0.5% lower at 6,553 shortly after the open as Varoufakis’ resignation raised hopes of a deal once again. The euro was flat and evidence of contagion in European sovereign debt was also minimal. Spanish, Italian and Portuguese 10-year yields each rose by a relatively limited 12ps. Varoufakis said in a blog post that PM Alexis Tsipras had wanted hi...